mortgage loan

A mortgage loan is a type of loan used to buy a home or property. Instead of paying the full price upfront, the borrower borrows money from a lender and agrees to repay it over time through regular payments. The home itself serves as collateral, meaning if the borrower fails to make payments, the lender can take ownership of the property through a process called foreclosure. Mortgages typically involve interest, which is a percentage added to the loan amount. This arrangement allows people to afford homes while spreading out the cost over many years.